Management and Organizational Studies 1021A/B Chapter Notes -Monopolistic Competition, Brand Loyalty, Market Segmentation

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: Prof

Document Summary

Customer value: combnation of benefits received by consumers (price, convenience, quality) and service before and after purchase: apple gives good benefits when you buy there product. Target market: specific group that you product will be sold to. Ads should be prioritized to target this group. Pro sports players using nike gear entices athletic buyers. Marketing mix: 4 p"s. product price place promotion. Marketers must make sure there 4 p"s hit the target market and are easily accessible by buyers: you wouldn"t put a 2nd hand clothes store in shaughnessy. 4 p"s page 8 text consumer behaviour. Marketing process:1) identifying the needs of the market. 2) manage market mix (4 p"s) to meet these needs. 3) realize if it is profitable marketing: process of managing goods, services, or ideas to meet consumer needs. All done in order to create a profit. Good: a product you can touch or own. Service: a product you cant touch but use.